Mnuchin unfit to serve as Treasury Secretary—Senate should oppose nomination

88 advocacy groups signed a letter to the Senate voicing grave concerns about President Trump’s nominee for Treasury Secretary, former Goldman Sachs partner and OneWest Bank Chairman, Steve Mnuchin. Mnuchin, known as “The Foreclosure King,” oversaw the eviction of nearly 50,000 families from their homes during the foreclosure crisis. The bank’s aggressive foreclosure practices targeted the country’s vulnerable populations—particularly the elderly and widowed. By approving his nomination, the Senate is putting its stamp of approval on his alarming record and choosing to rig the rules for the wealthy rather than protect American families.

As the President’s principal economic adviser, the position of Treasury Secretary holds an important significance to the American economy. The Treasury Department must ensure the U.S. economy works better for the majority of Americans, not just the wealthiest. Under Mnuchin's direction, OneWest foreclosed on more widowers and seniors than any other bank during the housing crisis, including a 90-year old woman over a 27-cent payment error.

Advocates, including Consumer Action, have opposed his banking and housing practices for years through protests, federal complaints and in court and are worried that what his bank and mortgage customers experienced could prove to be a microcosm of how he might treat the country in an important role like Secretary of the U.S. Treasury.